The price of happiness? Having almost £1,000 a month in cash to spare

THE price of happiness is having almost £1,000 a month in cash to spare, according to new research.

The price of happiness is having almost £1,000 a month in cash to spare

After paying the bills and the mortgage or rent, the average Brit needs £939 a month in disposable income to be truly happy.

But sadly, this may be out of reach of most people as it equates to an annual wage of around £40,000 a year - 45 per cent more than the average national income.

The new Vouchercodes.co.uk study found that there was a difference in the needs of men and women, with the former feeling happy with a wage of nearer £50,000 a year while for women, happiness could be achieved with just £30,000.

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The survey of 2,181 adults looked at how much Brits said they needed to spend on non-essential items such as holidays, gadgets and going out in order to feel happy.

Between the sexes, it came to an annual salary of £39,942 and a monthly disposable income of £939 after bills had been paid,

The average man said he needed £50,886 a year to be happy while the average adult woman said she could be happy with a more modest £29,156.

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The survey looked at how much Brits said they needed to spend on non-essential items

The survey also found Londoners needed the highest income of any region to be happy, averaging £40,242 a year, while Wales was the lowest at just £25,834.

Researchers said the differences reflected the highest cost of living in the capital but also the demand for material possessions among Londoners in order to feel happy.

While the higher salaries may not be available to everyone, 46 per cent do try to save for what makes them truly happy, the survey found.

Three in four Britons (72 per cent) said they valued experiences, such as a holiday or going out, over material possessions such as new clothes or gadgets.

Brits were also stricter on saving and spending money if they were trying to pay for an experience rather than a possession, said the survey.

Those who valued experiences, such as a holiday or going out, over material possessions such as gadgets or a new car, were more likely to have a stricter regime of saving money to pay for what they want.

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Three in four Britons said they valued experiences

This included one in four (24 per cent) buying own label supermarket goods over brands and 14 per cent selling items of eBay, Gumtree or other sites to raise some extra cash.

Those who preferred material possessions over experiences were more likely to buy on impulse or staying in and avoiding a night out in order to save for a particular item they want.

Anita Naik, consumer editor for VoucherCodes.co.uk, said: "It's refreshing to see the value that the nation places on experiences and socialising as a route to happiness in place of material wealth."